Ready to face interview for Statutory Compliance ? Do not worry, we are here to help you with job interview preparation. If you are preparing Statutory Compliance interview and not sure which questions are likely asked in interview, we suggest you to go through Wisdomjobs interview questions and answers page to crack your job interview. Statutory Compliance is comes with many fields like HR, Finance. In HR, it refers to the legal framework within which organizations must operate, in the treatment of their employees. Statutory reporting is the mandatory submission of financial and non-financialinformation to a government agency. Strong technical skills are needed as there is huge competition. Below is the list of frequently asked Statutory Compliance interview questions and answers which gets you ready to face the interviews:
Answer :
PF accounting is done from March to February of every year. This period is called as PF Year. This is applicable only to PF and does not have any effect in any other modules.
Question 2. Does Every Employee Contribute To Pf?
Answer :
According to the PF rules (as of 2004), all employees who draw a PF Basic of less than Rs. 15000 have to contribute to PF. This is mandatory. For employees having PF Basic more than Rs. 15000, the deduction/contribution will be on 15000. However in most companies, PF is applicable to all employees. There are exceptions (people who do not contribute) but these are few.
Question 3. What Is Pf Basic Or Pf Gross?
Answer :
This is the amount on which the PF contribution or deduction is calculated. Generally in 95% of the companies this is Basic + Basic Arrears + DA + DA Arrears. However, there are always exceptions and some companies want it to be a little different. In that case, we can change the PF Basic formula to cater to the client's requirements.
Question 4. What Are The Various Reports Associated With Pf?
Answer :
Question 5. What Are The Various Options For Pf Form 10?
Answer :
Form 10 can be generated based on either Leaving Date or Settlement Date. This can be set in the General Options. The option name is USE_SETTLEDATE_IN_FORM10. If you set this option to YES then the Form 10 report will list all employees who are settled in the given date range. Otherwise, it will pick up all employees who have resigned in the given date range.
Question 6. What Is The Link Between Pf And Income Tax?
Answer :
As per Indian Tax laws, any contribution done by the employee towards PF can be considered for Section 88 rebate.
In Folklore, any deduction done for PF and VPF is automatically considered for Section 88 rebate in the Income Tax module.
Question 7. What Are The Various Esi Reports?
Answer :
ESI Monthly report: this report is generated monthly. This gives the total deductions/contribution (employee and employer) done for each employee for a month.
ESI Form 6: this is a half yearly report.
ESI Form 7: this is also a half yearly report.
Question 8. What Are The Other Rules Governing Esi?
Answer :
ESI contribution stops when the employee's gross income crosses Rs. 15000/- (up to May 2010 this was 10000)
Answer :
ESI report considers a field called ESI Eligibility. An employee name will display in the ESI report only if marked as ESI Eligible in employee information.
Verify if PF Eligible and ESI Eligible are selected in the Employee Information page of your application.
Question 10. What Is Esi Rules?
Answer :
ESI. Scheme being contributory in nature, all the employees in the factories or establishments to which the Act applies shall be insured in a manner provided by the Act. The contribution payable to the Corporation in respect of an employee shall comprise of employer’s contribution and employee’s contribution at a specified rate. The rates are revised from time to time. Currently, the employee’s contribution rate (w.e.f. 1.1.97) is 1.75% of the wages and that of employer’s is 4.75% of the wages paid/payable in respect of the employees in every wage period. Employees in receipt of a daily average wage up to Rs.70/- are exempted from payment of contribution. Employers will however contribute their own share in respect of these employees.
Question 11. What Are The Rates For Contribution (deduction) To Esi?
Answer :
For employees, ESI deduction rate is 1.75% of the ESI Gross salary.
For employer, ESI contribution is at the rate of 4.75% of the ESI gross salary.
Question 12. What Is Esi Gross Salary?
Answer :
Generally, all the income components paid to an employee is considered for ESI Gross computation. In Folklore, ESI Gross is defined by the user. User indicates which income components are to be considered for ESI Gross.
Question 13. How To Do Pf Process For My Existing Employees Using Greythr On A Monthly Basis?
Answer :
Question 14. How To Do Pf Process For Resigned Employees Using Greythr?
Answer :
Question 15. Where To Enter The Uan Number In Greythr?
Answer :
Under Employee → Information → PF Details add all the details
Payroll → Process Payroll → Quick process (Your payroll will be processed here)
Go to Reports → Search for ECR → Select ‘PF - ECR Format’ Report from the search result → then, ‘New Joinees’ as a type → Click generate ECR file
Then a text file is downloaded on your system, PF admin user should login to PF Unified Portal and upload the generated ECR text file from greytHR
Answer :
Login to greytHR → go to Actions tab → Select the ‘Add employee link’ → Enroll an employee into greytHR by filling in all his necessary details, under the PF section - enable ‘Eligible for PF’ (Select ‘Regular PF Contribution (Max 1800)’ (or) ‘Excess PF Contribution (Above 1800)’)
Once you click ‘finish’ after enrolling an employee, on the same screen under related action select ‘Add Salary’
Enter only the Annual CTC of the employee (System will automatically do the component wise salary breakup)
PF Admin user needs to login to → Unified PF Portal with relevant KYC for the new member → Upload them and generate UAN
Enter the generated UAN number and the PF number in greytHR
Question 17. What If Family Pension Fund Or Fpf Or Employee Pension Scheme Or Eps?
Answer :
The contribution made by an employer towards PF is split into contribution towards PF and contribution to another scheme called Pension Scheme.
Question 18. I Have An Error While Exporting Form 3a - (form 3a) To Edi Format. What Do I Verify?
Answer :
Verify if the ODBC driver for PHP is installed on the PC, where the export is happening. This is needed as the EDI file is generated in DBF format.
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